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VANCOUVER, Feb. 12 /CNW/ - Evolving Gold Corp. (TSXV:EVG) FSE:EV7) (the
"Company") is pleased to announce that metallic screen re-assays have
significantly increased gold values in both lower grade and high grade
sections.
Metallic Screen Re-assay Summary
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30g Fire Metallic
From To Interval Assay Screen Interval Gold
Hole (meters) (meters) (meters) gpt gold Re-Assay (ft) oz/ton
Gold gpt (Re-Assay)
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RSC-006 446.5 544.7 98.1 0.92 1.10 322 0.032
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105.2 236.2 131.1 2.74 2.84 430 0.083
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185.9 219.5 33.5 3.91 4.15 110 0.121
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RSC-003
(Previously
reported) 149.4 295.7 146.3 2.48 2.92 480 0.085
------------------------------------------------------- ----------------
These re-assays indicate potential that the true grade may be
significantly higher than indicated by the original 30g fire assays. The
Company is conducting a larger re-assay program of lower grade intervals using
metallic screen assay protocols.
Summary of Previous Assay Data for Rattlesnake Hills
The Company previously announced coherent intervals of high grade gold
mineralization in holes 65 meters apart:
- 2.92 gpt over 146 meters (480 ft at 0.085 oz/ton) - Hole RSC-003
- 2.74 gpt over 131 meters (430 ft at 0.080 oz/ton) - Hole RSC-007 (now
re-assayed at 2.84 gpt, 0.083 oz/ton)
As previously announced, this high grade zone lies within a large halo of
gold mineralization, including aggregate down hole intervals of:
- 359.6 meters at 0.90 gpt (1,179 ft at 0.026 oz/ton) - Hole RSC-012
- 307.4 meters of 0.77 gpt (1,010 ft of 0.022 oz/ton) - Hole RSC-006
- 274.0 meters at 0.65 gpt (900 ft of 0.019 oz/ton) - Hole RSC-005
- 269.1 meters at 0.55 gpt (885 ft of 0.016 oz/ton) - Hole RSC-009
These long aggregate intervals, though not continuous, indicate a large
zone of gold mineralization starting close to the surface. The large halo of
lower grade gold mineralization, surrounding the high grade gold zones, is
typical of other large alkaline gold systems such as Cripple Creek in Colorado
where historic mining produced approximately 20 million ounces of gold from
high grade underground operations. Anglo Ashanti is currently mining the low
grade halo to the high grade gold mineralization at Cripple Creek in an open
pit with a nominal cutoff of approximately 0.25 gpt gold.
Final Assay Results for Phase 1 Drill Program
Drill holes RSC-010 and 015 were aimed to test the western extension of
the high grade gold in drill holes RSC-003 and 007. The high grade zone
appears to pass between these two drill holes. It is clear that hole RSC-015
deviated away from the projected high grade zone, and hole RSC-010 failed when
it encountered a large void at about 70 m depth well before reaching the
projected high grade zone. RSC-008 and RSC-014 failed to reach the contact
target zone.
Assay Results
----------------------------------------------------- ------------------
From To Interval Gold Interval Gold
Hole (meters) (meters) (meters) grams/tonne (ft) oz/ton
----------------------------------------------------- ------------------
RSC-010 42.7 64 21.3 0.39 70 0.011
----------------------------------------------------- ------------------
12.2 32 19.8 0.32 65 0.010
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RSC-015 41.1 89.9 48.8 0.80 160 0.023
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359.7 373.4 13.7 0.32 45 0.010
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129.5 146.3 16.8 0.32 55 0.010
RSC-080 ------------------------------------------- ------------------
239.3 249.9 10.6 0.28 35 0.008
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----------------------------------------------------- ------------------
7.6 42.7 35.1 1.12 115 0.032
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incl. 22.9 29 6.1 2.00 20 0.058
------------------------------------------- ------------------
292.6 304.8 12.2 0.39 40 0.011
RSC-014 ------------------------------------------- ------------------
323.1 341.4 18.3 0.31 60 0.009
------------------------------------------- ------------------
428.2 438.9 10.7 0.45 35 0.013
------------------------------------------- ------------------
451.1 459.4 8.3 0.30 27 0.009
----------------------------------------------------- ------------------
Phase Two Drill Program
Dr. Quinton Hennigh, Chief Geologist and President explains, "With the
fifteen drill holes we have completed at Rattlesnake, we are beginning to
define the geology and controls on gold mineralization. Within the next month,
we will present a detailed analysis of all our results and a comprehensive
model of this large system."
"This model will outline our plans for our Phase Two drill program in
2009 which will continue to define the size and grade potential of the North
Stock Diatreme and test additional targets such as Antelope Basin, South Stock
and the intervening ground between these targets. Three core drills will be
employed to aggressively drill at least 12,000 meters. We are anxious to get
back to drilling and hope to be started as soon as early May."
About Evolving Gold Corp.
Our focus is finding multi-million ounce gold deposits in proven gold
producing areas in Western USA. Our geoscience team has over 200 years of
collective experience.
Evolving Gold has over $17 million in its treasury.
Additional Assay Information for Rattlesnake Hills
The assays were implemented by the SGS Group. Samples were analyzed by
30g fire assay and an ICP finish, and all values over 10 gpt gold were
re-assayed by 30g fire assay and gravimetric finish. All metallic screen fire
assays were undertaken by the SGS Group, with the coarse fraction assayed in
its entirety and two 30g fire assays completed for the fine fraction. Accurate
estimates of the true widths of the mineralized intersections are not
available at this early stage in the exploration program on the property.
In compliance with National Instrument 43-101, Quinton Hennigh, Ph.D.,
P.Geo., Chief Geologist and President of Evolving Gold Corp. is the Qualified
Person responsible for the accuracy of this news release.
On Behalf of the Board of Directors
EVOLVING GOLD CORP.
"signed"
Robert W. Barker, Ph.D., P.Geo
C.E.O. and Director
Investors can post questions and receive answers or review questions and
answers posted by other investors at the Evolving Gold Corp. IR Hub at
http://www.agoracom.com/IR/evolving. Investors can also e-mail
evg@agoracom.com with questions and correspondence or request to be added to
the investor email list to receive all future press releases and updates in
real time.
FORWARD LOOKING STATEMENTS: This press release contains forward-looking
statements, which address future events and conditions, which are subject to
various risks and uncertainties. The Company's actual results and financial
position could differ materially from those anticipated in such
forward-looking statements as a result of numerous factors, some of which may
be beyond the Company's control. These factors include: results of exploration
activities and development of mineral properties, fluctuations in the
marketplace for the sale of minerals, the inability to implement corporate
strategies, the ability to obtain financing, currency fluctuations, general
market and industry conditions and other risks disclosed in the Company's
filings with Canadian Securities Regulators.
Forward-looking statements are based on the expectations and opinions of
the Company's management on the date the statements are made. The assumptions
used in the preparation of such statements, although considered reasonable at
the time of preparation, may prove to be imprecise and, as such, undue
reliance should not be placed on forward-looking statements. The Company
expressly disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information, future
events or otherwise.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this news release.